The Cyprus Ports Authority was established in 1973 on the basis of the 1973 Ports Authority Law. This was a result of a clause in a Loan granted to the Republic of Cyprus by the World Bank for Reconstruction and Development in 1969, for the construction of Limassol and Larnaka ports. The Bank had asked for the creation of an independent and flexible organisation free of pubic sector bureaucratic procedures and which could operate on a commercial basis. Cyprus Ports Authority is a Public Sector Entity set up by law and governed by a nine-member Board (Chairman, Vice-Chairman and seven members) appointed by the Council of Ministers for a three-year term. The Board applies the policies of the Government according to the Authority’s legislation. These policies are conveyed and supervised by the Minister of Communication and Works.